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A condo lease agreement is a legally binding document signed between a condominium owner and a tenant. It obligates the tenant to adhere to the condominium association's rules and grants them rights to common areas and community privileges, unless specified otherwise. Both the owner and tenant enjoy the same landlord-tenant rights as in other residential arrangements. A condominium, or condo, is a unit within a property that shares common areas with other similar units, commonly found in urban high-rises. Each owner pays an association fee that covers property maintenance and related expenses.
